In a statement to the press, Paytm Payments Bank said that it has started Aadhaar enabled payments system (AePS) on its network, attempting to take banking services even to consumers in remote areas. The payments bank said that it will open up cash withdrawal, balance enquiry and mini statements as the first set of offerings through this service.
Eventually, Paytm Payments Bank will enable services like interbank fund transfer, cash deposit and others, this will enable Paytm to expand its product offerings to semi-urban and rural banking customers as well.
The services are being offered by through a micro PoS terminal which gets deployed at small retail points of the bank. It has partnered with 10,000 business correspondents to facilitate these services to customers of any bank and plans to expand the network further. While the services are free of cost for Paytm bank customers, for cash withdrawal there is a limit of Rs 50,000 or ten transactions in a month, whichever is reached earlier.
AePS is an NPCI run payments network which allows consumers to use their biometrics to operate their bank accounts.